Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.023%

Price spread now: Popdex against dYdX−0.094%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$680.683% of the position

Long on dYdX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.069%+$7 on $10k

Price spread, last 4 days (all we have)+0.265%+$27 · spread now −0.094%, 7d avg +0.009%

Together, before fees+0.334%+$33 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.103% cheaper against dYdX than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	93.308	0	get 0.0000% / 1h	8m 32s	$127K	$32K	5x
Short	Popdex HYPEUSDT	93.220	0	get 0.0000% / 1h	8m 32s	$58K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against dYdX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee dYdXbpFee PopdexbpOrdersPrice spread, now −0.094%Rate

Funding earned: $0
Price spread: −0.094% → +0.009%: −$10.29
Slippage, 4 orders: −$51.94
Fee dYdX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$78.63
Costs to cover: 0.683%
Break-even: never at this rate

Slippage from dYdX: live order book, 10 min ago; Popdex: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy dYdX live order book, 10 min ago	25.09 bp	30.1 bp −$30	42.5 bp −$425	480.5 bp −$48.0K	1639.4 bp −$819.7K
Sell Popdex live order book, 1 min ago	0.86 bp	4.1 bp −$4	4.7 bp −$47	18.9 bp −$1,890	doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps HYPEUSD	−0.0466%	1h	93.232	−0.081%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0400%	1h	93.275	−0.035%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.203	−0.112%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.160	−0.159%	$699K	$895K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.297	−0.012%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.246	−0.066%	$90K	$358K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	93.308	long leg	$127K	$32K	5x
Popdex HYPEUSDTshort	0.0000%	1h	93.220	−0.094%	$58K	$1.2M	50x
Perpl HYPE	0.0000%	43m	93.247	−0.065%	$23K	$330K	10x	as long as short
Aster HYPEUSDT	+0.0002%	4h	93.291	−0.018%	$8.9M	$35.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.264	−0.047%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0017%	4h	93.303	−0.005%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.210	−0.105%	$322.8M	$282.9M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.306	−0.002%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.232	−0.081%	$111K	$577K	20x	as long as short
Derive HYPE-PERP	+0.0050%	1h	93.255	−0.057%	$16.3M	$7.0M	10x	as long as short
Binance HYPEUSDT	+0.0062%	4h	93.251	−0.061%	$382.8M	$887.6M	75x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.273	−0.037%	$44.0M	$58.8M	75x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.231	−0.082%	$90.1M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.250	−0.062%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.348	+0.043%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.331	+0.025%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.301	−0.007%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.306	−0.002%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	−0.062%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.288	−0.021%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.272	−0.039%	$2.03B	$661.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.319	+0.012%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.221	−0.093%	$114.1M	$312.3M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.255	−0.057%	$47.0M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.239	−0.074%	$226.1M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.268	−0.043%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.326	+0.019%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.102%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.339	+0.033%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.280	−0.030%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.273	−0.037%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.283	−0.026%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.259	−0.052%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.303	−0.005%	$75K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.311	+0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.297	−0.012%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.299	−0.010%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.030%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.226	−0.087%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.365	+0.061%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.270	−0.041%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0222%	4h	93.452	+0.154%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.238%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.236	−0.077%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0250%	4h	93.270	−0.041%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.277	−0.033%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.316	+0.009%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0425%	1h	93.391	+0.089%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.422	+0.123%	$20.9M	$28.9M	50x	as long as short